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At his profit-maximizing level of output, a monopolist's average total cost curve is
tangent to his demand curve. The monopolist
a. is earning a negative economic profit.
b. may or may not be earning a negative economic profit.
c. is earning zero economic profit.
d. is earning a positive economic profit.
Entrepreneurs differ from managers because
a. they use innovation to gain advantage over their competitors.
b. managers use established managing styles; entrepreneurs do not.
c. entrepreneurs tend to take more risk than managers.
d. All of the above are correct.
A ticket to an Eric Clapton concert costs $45 If you have a ticket, you can 'scalp" it (sell
it illegally) for $75 To a ticket holder, the opportunity cost of actually attending the
concert is
a. $45
b. $50
c. $75
d. $115
